Bad Idea:congress, bill to buy home without a down payment

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tupacperu
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Bad Idea:congress, bill to buy home without a down payment

Postby tupacperu » Mon May 11, 2015 4:40 pm

GESTION.PE
Standard to buy houses without down payment will be sent to Congress this week
http://m.gestion.pe/movil/economia/norm ... na-2131524

Monday, May 11, 2015, 16:13
The Minister of housing, Milton von Hesse, explained that real estate rent sale and lease figures are part of a package of rules that seek to boost it sector.
Standard to buy houses without down payment will be sent to Congress this week

The Minister of housing, construction and sanitation, Milton von Hesse, announced this week it will be Bill which makes it possible to Peruvians to buy houses without down payment will be sent to Congress.

According to Von Hesse, this measure will be the most important standard that will be presented to the legislature, which will revive the sector housing in the Peru.

"The most important rule is the law of rentals are introduced where new figures such as rental sales and real estate leasing that will allow people to access housing without a down payment," said the Minister.

Von Hesse explained the mechanism for buying a house without initial fee will be achieved because a significant percentage of the rental fee will go to capitalize on that money in favour of the tenant.

These measures will also raised standards in relation to the formalization of property, in favour of improving access to water and sanitation in Peru, as well as others of lower rank who are already

"For example, last week we have provided S /." 300 million extra to feed the Mivivienda Fund, especially for roof programme and to a lesser extent for the good paying bonus", he said.


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Alan
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Re: Bad Idea:congress, bill to buy home without a down payment

Postby Alan » Thu May 14, 2015 11:51 pm

What a terrible idea! If it passes it would be bubble city. I can´t imagine that it will get though though.
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Re: Bad Idea:congress, bill to buy home without a down payment

Postby Bobby » Fri May 15, 2015 10:04 am

On the contrary wouldn't it be a great social idea for NSE levels C and D who can't afford a down payment? Techo propio and Mi vivienda funds remain quite expensive for low incomes. For investors, of course it would be a highway to a bubble city.
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Re: Bad Idea:congress, bill to buy home without a down payment

Postby panman » Fri May 15, 2015 11:10 am

Another step on the slippery slope.
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Alan
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Re: Bad Idea:congress, bill to buy home without a down payment

Postby Alan » Fri May 15, 2015 2:41 pm

Bobby wrote:On the contrary wouldn't it be a great social idea for NSE levels C and D who can't afford a down payment? Techo propio and Mi vivienda funds remain quite expensive for low incomes. For investors, of course it would be a highway to a bubble city.



The problem is that if the market softens, people can walk away from their loans, leaving the banks holding the proverbial bag. And banks going out of business is bad business for everybody.
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Re: Bad Idea:congress, bill to buy home without a down payment

Postby tupacperu » Thu May 21, 2015 11:18 am

If they cannot afford a down payment , they may not be able to maintain their mortgage. This is directed at people who have no stable income, self employed. Worrisome to me
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Re: Bad Idea:congress, bill to buy home without a down payment

Postby tupacperu » Thu May 21, 2015 11:20 am

viewtopic.php?f=15&t=27945
May 14, 2015 Gestion.pe

Worrisome:

Mortgage loans in 'loss' situation grew 21% last year

Thursday, May 14, 2015, 18:06
4,819 are mortgages that record a delay of payment for more than one year.
They involve an amount provided by S/.561 million.

viewtopic.php?f=15&t=27945

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